Payates are going down, wages going down, I have to save more
By suspenseful
@suspenseful (40192)
Canada
February 20, 2009 9:46am CST
I have usually gone by the ten percent for tithes, ten percent for savings, and the rest to spend. But now with the economy being the way it is, I was wondering whether maybe the rule should be 10/10/10 and just have 70 percent to spend. I was also wondering whether on top of that, whether it would be best to keep out just enough for the necessities in the checking account, and put the annual payments into a high interest savings account, so that one will withdraw it into checking to pay for the annual housing, car, medical, annual Christmas presents, etc.
I know with the wages going down and lays off, not to mention us who do ptrs, ptps, ptcs, etc. we all do not want to be all work and no fun, not to mention those of us of a creative nature who are either writing our novels, stories, articles, or making up our songs, practicing to be the best dancer, singer, musicians, etc. and those of us who want to get a better job, etc. and we will not be able to accomplish these things if we have to work just to make it.
Your opinions: Will the present crisis make you save more or will it matter?
5 responses
@suspenseful (40192)
• Canada
20 Feb 09
We used to be like that years ago and then we discovered that there were interest rates added on to them.
@cynthiann (18612)
• Jamaica
20 Feb 09
The present crisis is keeping me a bit sleepless. I have car payments at 19.5% and two and a half years to pay for it. I am concentrating on saving money to pay off this loan within 18 months. I need to get this paid as soon as possible. Even if I do not get to pay it off earlier, I will be ahead of payments if I got laid off or lost my job. I use the same principal om my mortgage. I pay extra so that I am always a few months ahead of the game. So if trouble comes then I am somewhat prepared - or at least have a breathing space to work on the problems. Good post. If I had disposable income then I would save more.
1 person likes this
@suspenseful (40192)
• Canada
20 Feb 09
When I went to purchase my computer from hell that I have now, I went for the three year plan, but paid it off in a year and got a rebate back. but that is before the present recession. Now I am saving for my good computer plus a piano keyboard, and I am doing that by putting the money in my high interest savings account and then will withdraw it. I find it easier that way.
We also have tax free interest accounts so am thinking of putting most of my money into it.
@suspenseful (40192)
• Canada
20 Feb 09
Thanks. I do hope things get better so I can have more money to spend. I did not have the opportunity when I was younger. Most of my money went into expenses, and then I was unemployed for a lot of time. It was not until the last ten years or so that I got enough money to put away.
@cynthiann (18612)
• Jamaica
20 Feb 09
Your plan is good so go with it! I do not have those epportunities re high interest tax free accounts. I know that you will succeed.
1 person likes this
@alokn99 (5717)
• India
20 Feb 09
Although saving more is the way to go, a balanced approach is what i would think is the best. Avoid wastefulel expenditure, save in areas whcih give relatively better returns and are seemingly safe and importantly look at avenues of earning more money.
1 person likes this
@suspenseful (40192)
• Canada
20 Feb 09
I was trying that here on mylot, but I do not have that much time.
@blackbriar (9075)
• United States
20 Feb 09
My friend, we haven't been able to save one penny in over a year. Now with hubby out of work, we are both taking just about any odd job we can just to make the mortgage and car payments. If it wasn't for our 5 paper routes, we would really be in trouble. Every place he applies for a job at either isn't hiring right now or hires someone else. Rather have the cash jobs anyways since we can get away w/o claiming them for taxes.
1 person likes this
@dragon54u (31633)
• United States
20 Feb 09
I'm saving every cent I can. All my online earnings go to savings. I think you should, too, because it will get much worse before it gets better. One way you can do that is to bank your savings from things you do around the house. Unplug every single thing you are not using--the toaster, the toaster oven, your microwave, lamps that are not being used. One woman saved $200 a month by doing this! Put what you save on electricity in the bank and it will be like free money.
1 person likes this
@suspenseful (40192)
• Canada
20 Feb 09
We have a switch that you have to switch up to keep it on, but my husband likes to keep the lights on and curtains closed. So I will go right now and open the curtains.
